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Wednesday,12-May-2021

Business

ReNew Power added to WEF’s Global Lighthouse Network

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ReNew-Power

Renewable energy company ReNew Power on Monday announced that it has been named to the World Economic Forum’s (WEF) Global Lighthouse Network, which recognises companies using new technologies to achieve environmentally sustainable, community supportive, profitable growth.

While announcing ReNew’s appointment, the WEF specifically noted the company’s recent investments in digital analytics and machine learning to increase the power yield, and decrease the downtime, of its solar and wind generation assets, as factors in its appointment.

ReNew is one of only two Indian companies to be recognised by the Global Lighthouse Network this year.

As announced on February 24, 2021, ReNew has entered into definitive agreement for a business combination with RMG Acquisition Corporation II, a publicly traded special purpose acquisition company (SPAC), that would result in ReNew becoming a publicly listed company. Completion of the proposed transaction is subject to customary closing conditions and is expected to occur in the second quarter of 2021.

ReNew’s Hubli facility was specifically nominated as a Global Lighthouse for its work in development and deployment of advanced analytics and machine learning solutions to increase the yield of ReNew’s wind and solar assets. The technology deployment helped ReNew improve employee productivity by 31 per cent and reduce downtime for its assets by 31 per cent, without incurring any additional capital expenditure.

Sumant Sinha, Founder, Chairman and Chief Executive Officer of ReNew Power said, “We are delighted to be named a Global Lighthouse company by the World Economic Forum. The recognition is a testament to our transformation efforts as we embark on our journey to become a data driven, clean energy enterprise supporting India’s clean energy transition.”

The WEF Global Lighthouse Network is a group of 69 factories which serve as a platform to develop, replicate, and scale innovations, creating opportunities for cross-company learning and collaboration, while setting new benchmarks for the global manufacturing community.

Speaking about the Global Lighthouse Network, Enno de Boer, Partner, McKinsey & Company and Global Lead of its manufacturing work remarked, “The 69 Lighthouse manufacturers open a window into the future of operations. Though no industry is immune from digital transformation, four sectors are resetting benchmarks – Advanced Industries, Consumer Packaged Goods, Pharmaceutical and Medical products, and Heavy Industries. We are seeing a paradigm shift emerge, from reducing cost to more focus on enabling growth and environmental sustainability. The Lighthouses are proving that unlocking smart capacity through digital technologies is more effective than spending on capital infrastructure.”

Business

Samsung, Sony, Hitachi invest in UK healthtech firm Huma

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Dollar

Samsung, Sony and Hitachi have invested in UK heathtech company Huma Therapeutics Limited in its latest Series C funding round with financing of approximately $130 million, the company said on Wednesday.

Leaps by Bayer and Hitachi Ventures led the Series C funding round, which also saw strategic and financial investors like Samsung Next, Sony Innovation Fund by IGV, Unilever Ventures and HAT Technology & Innovation Fund by HAT, as well as individuals Nikesh Arora (former president of SoftBank) and Michael Diekmann (Chairman of Allianz).

The investment will scale Huma’s modular platform which can power digital ‘hospitals at home’ nationally, and support the pharmaceutical and research industries to run the largest ever decentralised clinical trials, the company said in a statement.

The company said an additional $70 million can be raised at a later date as part of the Series C funding, taking the total financing to more than $200 million.

“We’re already demonstrating how ‘hospital at home’ can transform healthcare, and how decentralized clinical trials can advance research in ways that weren’t imaginable even one year ago. Now we want to accelerate the pace of change and continue to innovate for better care and research worldwide.,” said Dan Vahdat, Founder and CEO of Huma.

The new investment will be used to expand Huma’s digital platform in the US, Asia and the Middle East.

Its digital ‘hospital at home’ was co-created with clinicians and has been independently shown to almost double clinical capacity, reduce hospital readmissions by over a third and has patient adherence levels of over 90 per cent.

“The service is supporting governments’ pandemic responses on a not-for-profit basis and is now used for a range of patients,” the company said.

Huma works with leading life science companies including AstraZeneca, Bayer and Janssen and academic institutions such as Stanford Medicine, the Johns Hopkins Bloomberg School of Public Health and the University of Cambridge.

“We are excited to explore how the Huma platform and its digital biomarkers portfolio could work with the Samsung ecosystem for lasting impact in proactive care across hospitals, life sciences and population health initiatives,” said Jonathan Machado, Senior Investment Director of Samsung Next.

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Business

Sensex down 400 points; banking, oil & gas stocks fall

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Bombay-Stock-Exchange

The key Indian equity indices declined on Wednesday morning with the BSE Sensex losing over 400 points.

Heavy selling pressure was witnessed in banking, finance and oil and gas stocks.

Around 10.25 a.m., Sensex was trading at 48,717.15, lower by 444.66 points or 0.90 per cent from its previous close of 49,161.81.

It opened at 49,171.28 and has so far touched an intra-day high of 49,171.28 and a low of 48,712.42 points.

The Nifty50 on the National Stock Exchange was trading at 14,722.10, lower by 128.65 points or 0.87 per cent from its previous close.

Manish Hathiramani, technical analyst with Deen Dayal Investments said: “The Nifty is keeping above the 14,700 level. We will threaten the current uptrend if we close below 14,700.”

“The situation would need to be reviewed then. Until then the trend continues to remain up and traders can strategically find ways to enter the market on dips. The markets can scale higher to 15,200-15,250,” he said.

The top gainers on the Sensex so far were Power Grid, Larsen & Toubro and NTPC, while HDFC, Hindustan Unilever and IndusInd Bank were the major losers.

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Business

Fuel prices rise for third day, closing on Rs 100/lt in Mumbai

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Petrol

Maintaining its rising trend, fuel prices increased for the third day in a row on Wednesday as state-owned fuel retailers hiked rates of petrol and diesel by 25 paise per litre each in the national capital.

In Delhi, petrol now costs Rs 92.05 per litre and diesel is priced at Rs 82.61 up from yesterday’s level of Rs 91.80 and Rs 82.36 a litre respectively.

Across the country as well the petrol and diesel prices increased on Wednesday but its quantum varied depending on the level of local levies in respective states.

In Mumbai, petrol now comes for Rs 98.36 a litre and diesel for Rs 89.75, according to a price notification from oil marketing companies.

Petrol prices in some states including Rajasthan, Madhya Pradesh and in some places in Maharastra have breached the Rs 100 per litre mark while premium petrol has been hovering above that level for some time now.

Fuel prices have now increased on each of the day this week. Prior to holding back auto fuel prices on Saturday and Sunday, its pump rates had increased sharply on previous four days as well.

Petrol prices have risen by Rs 1.50 a litre in Delhi in May in seven hikes so far. Similarly, diesel prices have risen by Rs 1.88 per litre in capital this month.

IANS had written earlier that OMCs may begin increasing the retail price of petrol and diesel post state elections as they were incurring losses to the tune of Rs 2-3 per litre by holding the price line despite higher global crude and product prices. The oil companies had already increased the ATF prices by 6.7 per cent effective this month.

OMCs benchmark retail fuel prices to a 15-day rolling average of global refined products’ prices and dollar exchange rate. In the last fortnight global oil prices have hovered in $66-67 a barrel range higher than the levels when petrol and diesel prices were last revised. Crude prices have jumped around $69 a barrel now.

With global crude prices at around $69 a barrel mark, OMCs may have to revise fuel prices upwards again if there is any further firming up.

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